EU Regulators Call for the Uniform Rules for the Crypto Industry

Two EUregulators - theEuropeanBanking Association (EBA)and the European Securities Market Authority(ESMA) - called on theauthoritiesof the bloc tocreateunified rules for the ICO and the crypto industry.TheEBAsaid crypto assets are now not subject to EU financial laws.These assetscarry significant risks. Therefore, to protect investors, the European Commission must determine whether the EU needs uniform rules for the regulation of the crypto industry.

ESMAalso analyzed the market.The regulator has determined crypto assets are fully subject to the current rules, although some “adjustments” may be necessary.Accordingto the ESMA, some crypto assets can even be recognized as financial instruments.